Emir of Kano, Sanusi II Raises Alarm Over Increasing Debt In Nigeria

The Emir of Kano, Muhammadu Sanusi II has raised alarm over the increasing debt in the country.

He stated that among other producing countries in Africa, Nigeria has been on a borrowing bench, “Borrowing domestically to fund current expenditure”.

He added that the growth of Nigeria was driven largely by rising commodity prices and debt, and the module has reached the logical limit such as the collapse in oil price.

He said according to the International Monetary Fund (IMF) the Federal Government of Nigeria is spending 66% of its interest revenue on debt, which means only 34% of its revenue is available for capital expenditure, recurrent expenditure and development.

The Emir made this known at the Kaduna State Investment Summit with the theme “Making Kaduna Investment Destination of Choice”.

He said the 2017 budget presented by the Federal Government is a budget that goes for more debt.